American Superconductor (AMSC) Q4 2026 earnings summary

Executive summary

• Achieved record full-year revenue of $299.2 million, up 34% year-over-year, and Q4 revenue of $86.4 million, up 30% year-over-year, driven by organic growth and the Comtrafo acquisition.

• Delivered seven consecutive quarters of GAAP profitability and 11 consecutive quarters of non-GAAP profitability.

• Net income for FY25 was $133.8 million ($3.12/share), primarily due to a $118.4 million non-cash tax benefit; non-GAAP net income was $158.1 million ($3.68/share).

• Ended FY25 with $147.6 million in cash, cash equivalents, and restricted cash.

• Closed the acquisition of Comtrafo, expanding transformer offerings and reach into Brazil and Latin America.

Financial highlights

• Q4 FY25 grid business revenue grew 33% year-over-year to $73.7 million; wind business revenue up 15% to $12.7 million.

• Full-year grid business revenue rose 34% to $251.3 million, representing 84% of total revenue; wind business revenue up 34% to $47.8 million.

• Q4 gross margin was 27.3% (up from 26.5%); FY25 gross margin was 30.5% (up from 27.8%), totaling $91.4 million.

• Q4 net income was $4.5 million ($0.10/share); non-GAAP net income was $14.1 million ($0.31/share).

• Operating cash flow for FY25 was $23.1 million.

Outlook and guidance

• Q1 FY26 revenue expected to exceed $85 million; net income to exceed $3 million ($0.07/share); non-GAAP net income to exceed $8 million ($0.17/share).

• Non-cash purchase accounting charges from Comtrafo will taper down after Q1 FY26.

• Strong backlog and order momentum position the company for continued growth in FY26.